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Shaw Communications posts 43% rise in fiscal year net profit

Canada's Shaw Communications has posted its consolidated financial and operating results for the quarter and fiscal year ended 31 August 2021. Quarterly revenue increased 2.1% year-on-year to CAD1.38 billion (USD1.11 billion) while adjusted three-month EBITDA increased 3.4% y-o-y to CAD614 million and net income improved 44% to CAD252 million. Fiscal 2021 consolidated revenue increased 1.9% to CAD5.51 billion and adjusted annual EBITDA increased 4.6% to CAD2.50 billion as Shaw posted yearly net income of CAD986 million, representing a 43% improvement on the previous twelve months.

In the three months to end-August the operator added 60,500 net mobile subscriptions, with post-paid net additions of 48,100 driven by the continued momentum of its Shaw Mobile brand. In fiscal 2021 Shaw added approximately 295,000 net mobile subscription bringing its total base to over 2.1 million (including Freedom Mobile and Shaw Mobile brands). In the quarter, consumer fixed network/pay-TV RGU losses of approximately 50,000 represented an improvement over the prior year period, led by fixed broadband internet RGU additions of 5,100, in turn driven by the continuing trend of customers bundling their fixed internet and mobile services.

Regarding its planned merger with Rogers Communications, Shaw noted that the pair continue to work 'cooperatively and constructively' with Innovation, Science & Economic Development Canada (ISED), the Competition Bureau, and the Canadian Radio-television and Telecommunications Commission (CRTC) to secure the requisite approvals. The transaction is expected to occur in the first half of 2022.

Thanks to TeleGeography for this industry update.

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Tuesday, 24 May 2022

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